Stocks and Precious Metals Charts - Two Fed Presidents 'Retire Early' - Comex October Gold Option Expiration

 

"Dallas Fed President, Robert Kaplan, wasn’t just trading like an aggressive hedge fund kingpin in 2020, he’s been doing the same thing for five years at the Dallas Fed while simultaneously having access to non-public, market moving information from the Federal Reserve’s interest-rate setting FOMC meetings and other confidential communications."

Martens, Trading Like a Hedge Fund Kingpin for Five Years while President of the Dallas Fed; a Dozen Legal Safeguards Failed to Stop Him

 

"At first, the love of money, and then that of power began to prevail, and these became, as it were, the sources of every evil.  For avarice subverted honesty, integrity and other honorable principles and, in their stead, inculcated pride, inhumanity, contempt of religion and general venality.  

Ambition prompted many to become deceitful; to keep one thing concealed in the breast and another ready on the tongue; to estimate friendships and enmities, not by their worth, but according to interest; and to carry rather a specious countenance than an honest heart. 

These vices first advanced but slowly, and were sometimes restrained by correction; but afterward, when their infection had spread like a pestilence, the state was entirely changed, and the government, from being the most equitable and praiseworthy, became the most rapacious and insupportable." 

Sallust, Conspiracy of Cataline

 

"And because of the increase in wickedness, the love of most will grow cold.   But those who stand, firmly to the end, will be saved." 

Matthew 24:12

Stocks were wobbly once again, and were not able to hold their rally attempts.

The big cap techs were leading to the downside on reports of supply chain disruptions because of power shortages and related issues in China.

The Dollar was choppy and finished slightly higher.

Gold was a bit lower, most likely due to its option expiration for the active October contract on the Comex.

Silver, not being in option play, finished higher.

The two Federal Reserve Presidents who were shown to be trading while in possession of insider information have both decided to resign, while asserting that they followed all of the Fed's ethical standards. 

The Fed's secret ethical standards must be very flexible indeed.    

In light of this scandal, Chairman Powell has promised to give them a double secret review.  While admitting no wrongdoing.

Hoo-hah.

"The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery." 

Jesse, May 2009

Have a pleasant evening.